Noble
NE · Oil & Gas Drilling
$47.70
8.5%Valaris
VAL · Oil & Gas Drilling
$97.33
5.6%The short version
- Noble is the larger business, with $3.3B of revenue in fiscal 2025 against $2.4B for Valaris.
- Noble grew revenue faster (7.5%, against 0.3%).
- Valaris kept more of each dollar of sales as operating profit (20.1% operating margin, against 12.7% operating margin).
- Noble turned more of its sales into free cash flow (13.2% FCF margin, against 8.6% FCF margin).
- Valaris earned a higher return on the capital invested in it (14.4%, against 5.3%).
- Investors pay more for each dollar of Noble’s earnings: a P/E of 50.7x against 7.3x for Valaris.
| Latest fiscal year | NE · FY25 | VAL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.6B | $6.9B |
| Revenue | $3.3B | $2.4B |
| Free cash flow | $432M | $203M |
| Net income | $217M | $983M |
| Growth | ||
| Revenue growth | 7.5% | 0.3% |
| 5-year growth | — | 2.9% |
| Share count change | 5.7% | −2.7% |
| Profitability | ||
| Gross margin | — | 31.2% |
| Operating margin | 12.7% | 20.1% |
| Net margin | 6.6% | 41.5% |
| FCF margin | 13.2% | 8.6% |
| Return on capital | 5.3% | 14.4% |
| Return on equity | 4.7% | 36.4% |
| Balance sheet | ||
| Net debt | $1.6B | $487M |
| Net debt / EBITDA | — | 0.8x |
| Dividends and buybacks | $340M | $100M |
| Valuation & quality | ||
| P/E | 50.7x | 7.3x |
| Piotroski F-score | 5 | 7 |
FY15
NE —
VAL —
FY16
NE —
VAL $2.8B
FY17
NE —
VAL $1.8B
FY18
NE —
VAL $1.7B
FY19
NE —
VAL $2.1B
FY20
NE $964M
VAL $1.4B
FY22
NE $1.4B
VAL $1.6B
FY23
NE $2.6B
VAL $1.8B
FY24
NE $3.1B
VAL $2.4B
FY25
NE $3.3B
VAL $2.4B
NE
VAL
FY15
NE —
VAL —
FY16
NE —
VAL 33.5%
FY17
NE —
VAL −7.2%
FY18
NE —
VAL −13.8%
FY19
NE —
VAL −32.6%
FY20
NE −422.8%
VAL −303.7%
FY22
NE 16.2%
VAL 2.3%
FY23
NE 22.2%
VAL 3.0%
FY24
NE 19.8%
VAL 14.9%
FY25
NE 12.7%
VAL 20.1%
NE
VAL
FY15
NE —
VAL $78.4M
FY16
NE —
VAL $755M
FY17
NE —
VAL −$277M
FY18
NE —
VAL −$482M
FY19
NE —
VAL −$504M
FY20
NE $124M
VAL −$346M
FY22
NE $107M
VAL −$80.0M
FY23
NE $165M
VAL −$429M
FY24
NE $80.2M
VAL −$99.7M
FY25
NE $432M
VAL $203M
NE
VAL
FY15
NE —
VAL −8.1%
FY16
NE —
VAL 7.3%
FY17
NE —
VAL −0.9%
FY18
NE —
VAL −1.5%
FY19
NE —
VAL −3.8%
FY20
NE —
VAL −35.5%
FY22
NE —
VAL —
FY23
NE 13.6%
VAL 3.0%
FY24
NE 10.4%
VAL 13.0%
FY25
NE 5.3%
VAL 14.4%
NE
VAL
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.